Cotton Back to Mixed Action on Wednesday
Cotton futures are up 36 points in the October contracts on Wednesday, with other cotnracts down 7 to 10 points. The US dollar index was back down $0.041 to $98.545, as crude oil futures were another $1.15/barrel lower.
Following threats of increased tariffs if India doesn’t stop purchasing Russian oil, President Trump is set to raise tariffs by 25% to 50% on India starting on August 27 if they continue to import Russian oil.
The Seam reported cash online sales of just 10 bales at an average price of 59.15 cents/lb. The Cotlook A Index was up 25 points at 77.75 cents on August 4. ICE cotton stocks were steady on 8/5, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was back down 43 points on last week at 54.52 cents/lb. It is good through Thursday.
Oct 25 Cotton is at 65.95, up 36 points,
Dec 25 Cotton is at 67.01, down 10 points,
Mar 26 Cotton is at 68.35, down 7 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.